A new protocol, Ethscriptions, has recently gained significant attention for allowing users to create and share digital objects on the Ethereum network. The project, developed by Tom Lehman, co-founder and former CEO of Genius.com, launched on Saturday, witnessing an explosive interest. In less than 18 hours, approximately 30,000 Ethscriptions were created.
Ethscriptions enable users to inscribe non-financial and arbitrary data into the main Ethereum blockchain, as long as the file does not exceed 96 kilobytes in size. Although the protocol currently supports only image inscriptions, Lehman anticipates this will change in the future. By leveraging Ethereum “calldata,” the data provided within a call made to a smart contract, Ethscriptions offers a more decentralized and cost-effective alternative to traditional contract storage systems.
Despite the impressive launch, some have noted that the use of this technology is not entirely new, as artists have been using the system in their work for years. Yet, what sets Ethscriptions apart is its wide-spread awareness and appeal resulting from its developer-driven innovation and adoption.
This enthusiasm for experimentation and the openness of the Ethereum community to new technologies reflects a stark contrast with the reaction to the Ordinals launch on the Bitcoin network. While both projects involve the inclusion of NFT-style images and non-financial data in the main chain’s ledger, Ordinals received a less enthusiastic welcome from the maximalist community.
Notably, Lehman called for the famous NFT collection, Crypto Punks, to be “ethscribed,” which eventually resulted in thousands of images being inscribed within hours. This overwhelming interest prompted several instances of downtime for Ethscriptions, with Lehman apologizing for crashes due to high demand.
In essence, the success of Ethscriptions hinges on whether it is a passing trend or a genuine game-changer in the realm of blockchain technology. While the protocol has undoubtedly sparked significant discussion, some skepticism is warranted. It remains to be seen how the Ethereum community will ultimately react to Ethscriptions and whether this innovative project will be embraced or fizzle out over time.
In conclusion, Ethscriptions represents an example of how innovation and experimentation in the blockchain space can garner massive interest and potentially lead to new ways of leveraging blockchain technology. It is now up to the community to determine whether this newfound attention will translate into lasting change and advancements or simply become another cul-de-sac in the ever-evolving landscape of digital technology.
Source: Decrypt
